You won the lottery, and the jackpot was $12,120,000. You can either receive the $12,120,000 in equal installments over 6 years, or you can receive a lump sum today. The amount of the lump sum youll receive today is based on the present value of the equal installment payments. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables.)

You won the lottery, and the jackpot was $12,120,000. You can either receive the $12,120,000 in equal installments over 6 years, or you can receive a lump sum today. The amount of the lump sum you'll receive today is based on the present value of the equal installment payments. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables.) a. What is the present value of the lottery winnings taken in equal installments over 6 years at 6% interest? (Round your answer to the nearest dollar amount.) Present Value b. What is the present value of the lottery winnings taken in equal installments over 6 years at 8% interest? (Round your answer to the nearest dollar amount.) Present Value c. Which interest rate yields the greatest amount of cash today? Interest Rate %